{"id":2028,"date":"2015-01-15T02:48:57","date_gmt":"2015-01-15T02:48:57","guid":{"rendered":"http:\/\/orb2.m2psites.portlandinteractive.com\/?page_id=2028"},"modified":"2023-03-13T15:42:21","modified_gmt":"2023-03-13T22:42:21","slug":"chapter-13","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/chapter-13\/","title":{"rendered":"Chapter 13 Bankruptcy Filing in Portland"},"content":{"rendered":"
Dealing with debt can be overwhelming, and sometimes filing for bankruptcy may just be what you need to get a fresh start. There are different types of bankruptcy available for individuals and families in Oregon, and choosing what\u2019s best for your financial situation is a crucial decision to make. Our Portland Chapter 13 bankruptcy attorney can help you determine if Chapter 13 is right for you and assist you in your bankruptcy process.<\/p>\n
Call us at 503-694-4445 to schedule a case evaluation with our experienced Portland bankruptcy attorneys<\/b><\/a>.<\/p>\n A Chapter 13 bankruptcy can allow you to keep your properties with secured loans (debts with collateral), such as your car and your house, and to organize a repayment plan for your debts.<\/p>\n It\u2019s a type of reorganization bankruptcy<\/b> designed for individuals with a stable income who can allot a part of their monthly income to pay back their debts. The amount that has to be paid back in Chapter 13 will depend on your income, the type and amount of debts you have, and how much property and assets you have.<\/p>\n A Chapter 13 bankruptcy will work for you if:<\/p>\n Consult an experienced Chapter 13 bankruptcy attorney to determine which type of bankruptcy is right for you and learn about the costs of filing bankruptcy<\/b><\/a>.<\/p>\n Once you file your bankruptcy and other official documents, the automatic stay<\/b> will take effect. It is a court-issued order that will stop most civil lawsuits that are filed against you right away. Most collection activities from debt collectors, collection agencies, or government agencies will be stopped, too.<\/p>\n The automatic stay is one reason why many people opt to file for bankruptcy. Filing bankruptcy can temporarily, or sometimes even permanently, prevent garnishments, harassing phone calls from creditors, house foreclosures<\/b><\/a>, and eviction.<\/p>\n The bankruptcy automatic stay can also help you in certain emergency situations.<\/p>\n If you\u2019re behind on your utility bill payments<\/b> and your electricity, gas, water, or telephone service are about to be disconnected, an automatic stay can prevent the disconnection for at least 20 days.<\/p>\n If your house is at risk of being foreclosed, the automatic stay can help you stop the proceedings. In Chapter 13 bankruptcy, you\u2019ll be given the opportunity to catch up on your mortgage<\/b> through a 3-5 year repayment plan.<\/p>\n If you\u2019re about to be evicted from your home<\/b>, an automatic stay can temporarily prevent this from happening. However, if your landlord already has an eviction lawsuit against you, an automatic stay can only delay the eviction for a few days or weeks.<\/p>\n After you filed for bankruptcy, most wage garnishments<\/b> <\/a>will be stopped through the automatic stay. Credit card debts<\/b> and personal loans<\/b> will also be discharged after completing the bankruptcy process.<\/p>\n However, child support and alimony payments won\u2019t be discharged in Chapter 13 bankruptcy.<\/p>\n Dealing with debt can bring huge amounts of stress and affect your quality of life. If you\u2019re looking for a debt solution that best fits your situation, our Portland bankruptcy attorney<\/b><\/a> can help.<\/p>\n Call Michael D. O\u2019Brien & Associates PC today at 503-694-4445 to consult with bankruptcy attorneys who can assess your current financial situation and give you the best solution that fits your needs.<\/p>\n When you file for Chapter 13 in Oregon, you will be given a chance to come up with a debt reorganization plan and repay your secured debt in a span of 3-5 years. Also called a \u201cwage earner\u2019s bankruptcy,\u201d a Chapter 13 bankruptcy provides a way for Portland debtors with regular income to reorganize their debts and finances.<\/p>\n You\u2019ll be allowed by the court to keep your assets and property<\/b> that are subject to security interests, as long as you pay the required payments under the repayment plan. During this period, the federal court will protect you and your assets, which means that debt collectors cannot confiscate your assets.<\/p>\n A Chapter 13 bankruptcy trustee<\/b><\/a> appointed by the bankruptcy court<\/b><\/a> will oversee the administration of your debt repayment plan. The duties of a trustee include:<\/p>\n Under Chapter 13, all your disposable income <\/b>(which is calculated by deducting your living expenses from your income) will be allocated to your debt repayment plan.<\/p>\n Individuals dealing with huge debts usually think of bankruptcy as the solution to fix their financial problems. However, Portland bankruptcy laws are more complex than you think. There are eligibility requirements that must be met before you can proceed to file for bankruptcy.<\/p>\n When filing a Chapter 13, there is a limit to how much secured and unsecured debts you have.<\/p>\n With a secured debt, creditors have the right to take your property (such as your car or your house) if you don’t pay back your debt. With unsecured debt, such as medical bills or credit card bills, creditors don\u2019t have the right to take your property away.<\/p>\n However, if the total of your debts is too high, you won’t be eligible for Chapter 13. Our Portland Chapter 13 bankruptcy attorney can help you determine your eligibility. If you don\u2019t qualify, we can assist you in filing a Chapter 11 bankruptcy<\/b><\/a> instead.<\/p>\n When you file a bankruptcy, you\u2019ll be required to prove in court that you can afford to pay your monthly household expenses<\/b> as well as provide payments for the repayment plan. If your income is insufficient or irregular, then the court might not approve your proposed reorganization plan.<\/p>\n A Chapter 13 bankruptcy is only available for individuals<\/b>, and not for companies or businesses.<\/p>\n However, if you have business-related debts that are under your personal accounts, they will be a part of your repayment plan. Therefore, it\u2019s possible for a sole proprietorship business to benefit from Chapter 13.<\/p>\n Struggling with your financial obligations? Don\u2019t wait until it is too late! Talk to an experienced Portland bankruptcy attorney<\/b><\/a> right away to discuss the best debt solution for you.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Whether you're dealing with overwhelming debt, stopping foreclosure or repossession proceedings, or looking for a way to protect your assets, our Portland bankruptcy attorneys are here to help you overcome your financial hurdles!<\/p><\/div><\/div><\/div>How Chapter 13 Bankruptcy Works<\/strong><\/h2>\n
\n
What a Chapter 13 Bankruptcy Can Do<\/strong><\/h2>\n
Utility Disconnections<\/strong><\/h3>\n
Property Foreclosure<\/strong><\/h3>\n
Eviction<\/strong><\/h3>\n
Wage Garnishment<\/strong><\/h3>\n
Chapter 13 Repayment Plan<\/strong><\/h2>\n
\n
Qualifying for a Portland Chapter 13 Bankruptcy<\/strong><\/h2>\n
Debt Limits<\/strong><\/h3>\n
Stable Income<\/strong><\/h3>\n
Not a Corporation or Business<\/strong><\/h3>\n
Contact a Portland Bankruptcy Lawyer<\/strong><\/h2>\n
<\/div><\/div><\/div><\/div>